{"id":219953,"date":"2020-09-22T08:57:37","date_gmt":"2020-09-22T07:57:37","guid":{"rendered":"https:\/\/www.pearlaccountants.com\/?p=217755"},"modified":"2023-02-20T08:43:31","modified_gmt":"2023-02-20T08:43:31","slug":"5-steps-cut-business-costs","status":"publish","type":"post","link":"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/","title":{"rendered":"5 Steps to Cut Business Costs during a Crisis"},"content":{"rendered":"\r\n<p>Business crises come in many forms. Whether you\u2019re experiencing a direct business crisis such as a sudden departure of key staff, or a socioeconomic crisis like the one we went through during <a href=\"https:\/\/en.wikipedia.org\/wiki\/Timeline_of_the_2020_coronavirus_pandemic_in_the_United_Kingdom\">early 2020<\/a> when COVID ravaged the country, the steps taken to survive that crisis are the same.<\/p>\r\n\r\n\r\n\r\n<p>No matter what you do during an economic crisis, one thing is key: You <em>must<\/em> cut costs.<\/p>\r\n\r\n\r\n\r\n<p>The skill in doing this is to cut those costs without overly affecting your potential for getting new business in the future.<\/p>\r\n\r\n\r\n\r\n<p>If you\u2019re looking for ways to reduce expenses in your business or simply hunting for general business cost-reduction strategies, this five-step guide to cut costs in your business will help you.<\/p>\r\n\r\n\r\n\r\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\r\n\r\n\r\n\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#Step_1_Establish_Your_Business_Type_Precisely\" title=\"Step 1. Establish Your Business Type Precisely\">Step 1. Establish Your Business Type Precisely<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#Step_2_Carry_Out_an_Immediate_Triage\" title=\"Step 2. Carry Out an Immediate Triage\">Step 2. Carry Out an Immediate Triage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#Step_3_Spend_a_Little_to_Save_a_Lot\" title=\"Step 3. Spend a Little to Save a Lot\">Step 3. Spend a Little to Save a Lot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#Step_4_Spend_Less_on_Marketing_While_Doing_More\" title=\"Step 4. Spend Less on Marketing While Doing More\">Step 4. Spend Less on Marketing While Doing More<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#Step_5_Make_Your_Quality_the_Best_Its_Ever_Been\" title=\"Step 5. Make Your Quality the Best It\u2019s Ever Been\">Step 5. Make Your Quality the Best It\u2019s Ever Been<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#Summary\" title=\"Summary\">Summary<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_1_Establish_Your_Business_Type_Precisely\"><\/span>Step 1. Establish Your Business Type Precisely<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>What type of business do you run?<\/p>\r\n\r\n\r\n\r\n<p>You need to break your business down into one broad category, then another.<\/p>\r\n\r\n\r\n\r\n<p>The first broad category is the business <em>industry,<\/em> such as hospitality, travel, luxury gifts, financial, legal, etc.<\/p>\r\n\r\n\r\n\r\n<p>Sure, of course you know your business industry by now, but sometimes these lines are blurred for smaller businesses who tend to do \u201ca little bit of everything\u201d, or even massive businesses that have their \u201cfingers in every pie\u201d.<\/p>\r\n\r\n\r\n\r\n<p>Once you\u2019ve nailed down your industry <em>precisely<\/em>, you need to establish if you cater to high-end or low-end clients.<\/p>\r\n\r\n\r\n\r\n<p>Only after this step is done can you determine the best areas to start saving costs immediately \u2014 and thereby carry out a triage.<\/p>\r\n\r\n\r\n\r\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_2_Carry_Out_an_Immediate_Triage\"><\/span>Step 2. Carry Out an Immediate Triage<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>The triage is a method of handling a medical emergency: When you are overwhelmed by a sudden influx of medical patients, medical practitioners will address the most severe injuries first.<\/p>\r\n\r\n\r\n\r\n<p>This ensures maximum survival and efficiency.<\/p>\r\n\r\n\r\n\r\n<p>After establishing your business type precisely, it\u2019s important to discover where your biggest cost savings might occur <em>without damaging the business<\/em>!<\/p>\r\n\r\n\r\n\r\n<p>For example, let\u2019s say your business type breaks down precisely to:<\/p>\r\n\r\n\r\n\r\n<ul><li>Luxury Gifts Provider<\/li><li>High-End Market<\/li><\/ul>\r\n\r\n\r\n\r\n<p>Let\u2019s say that one of your speciality products is extremely fine pens which cost an arm and a leg.<\/p>\r\n\r\n\r\n\r\n<p>Well, an average Bic pen costs a hundredth of your fine pen.<\/p>\r\n\r\n\r\n\r\n<p>Of course, you\u2019re not going to stop ordering the fine pens \u2014 you\u2019d go out of business!<\/p>\r\n\r\n\r\n\r\n<p>But if your business type is:<\/p>\r\n\r\n\r\n\r\n<ul><li>Affordable Gifts Provider<\/li><li>Middle Market<\/li><\/ul>\r\n\r\n\r\n\r\n<p>Then knocking off those fine pens from your repertoire might be the best move for saving costs immediately.<\/p>\r\n\r\n\r\n\r\n<p>To effectively carry out a triage on your business costs, you need to look at your earnings and your expenses. It is therefore vital to have your <a href=\"https:\/\/www.pearlaccountants.com\/services\/bookkeeping\/\">bookkeeping<\/a> up to date.<\/p>\r\n\r\n\r\n\r\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_3_Spend_a_Little_to_Save_a_Lot\"><\/span>Step 3. Spend a Little to Save a Lot<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\r\n<p>It might seem counterintuitive to spend some money in order to save it.<\/p>\r\n\r\n\r\n\r\n<p>But in this world of high-efficiency digital services, it is quite phenomenal how much time can be saved by investing as little as a hundred or two-hundred quid in a tool which helps you become more efficient.<\/p>\r\n<\/div>\r\n\r\n\r\n\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/09\/Spend-a-Little-to-Save-a-Lot-1.png\" alt=\"Spend a Little to Save a Lot\" class=\"wp-image-217757\"\/><\/figure>\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n<p>There are two ways this can save you money if done correctly:<\/p>\r\n\r\n\r\n\r\n<ul><li>Directly, such as signing up for an online payment service which is cheaper than the one you\u2019re currently using.<\/li><li>Indirectly, such as signing up for something that will save you time.<\/li><\/ul>\r\n\r\n\r\n\r\n<p>Again, this depends very much on your industry and your precise market, but here are some ideas of places you could look at to start saving money by investing in an online solution:<\/p>\r\n\r\n\r\n\r\n<ul><li>CRM software to reduce wasted time and improve lead follow-up<\/li><li>Web conferencing software to immediately reduce office costs by allowing people to work from home.<\/li><li>Team Collaboration software for the same reason.<\/li><li>VOIP software to reduce international phone costs.<\/li><\/ul>\r\n\r\n\r\n\r\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_4_Spend_Less_on_Marketing_While_Doing_More\"><\/span>Step 4. Spend Less on Marketing While Doing More<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>The marketing budget is a tricky one. It\u2019s so easy to overspend and get no return, and yet equally easy to <em>underspend<\/em> and get even less return.<\/p>\r\n\r\n\r\n\r\n<p>A balance must be struck.<\/p>\r\n\r\n\r\n\r\n<p>Marketing people are specialists with valuable skills. At the same time, a boss or CEO should know a little about marketing themselves so as to evaluate marketing suggestions and strategies.<\/p>\r\n\r\n\r\n\r\n<p>Indeed, a boss or CEO should have an overview of <em>every aspect<\/em> of their business in order to determine if what is carried out below them is financially sound.<\/p>\r\n\r\n\r\n\r\n<p>A CEO who does not know what is likely to be ineffective risks having the financial rug pulled out from under them in business.<\/p>\r\n\r\n\r\n\r\n<p>As for marketing, it\u2019s vital for a CEO or marketing executive to understand all the <em>cost-effective options<\/em> which exist out there, allowing people with little marketing skill to do more.<\/p>\r\n\r\n\r\n\r\n<p>Some examples of these highly cost-effective marketing tools include:<\/p>\r\n\r\n\r\n\r\n<ul><li>Canva.com, for general marketing design.<\/li><li>WeVideo.com, for video editing.<\/li><li>Various CRMs to keep track of leads, manage funnels and thereby close deals.<\/li><\/ul>\r\n\r\n\r\n\r\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_5_Make_Your_Quality_the_Best_Its_Ever_Been\"><\/span>Step 5. Make Your Quality the Best It\u2019s Ever Been<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Quality trumps quantity, even if you\u2019re in the \u201cbudget\u201d sector.<\/p>\r\n\r\n\r\n\r\n<p>Besides, \u201cbudget\u201d clients can sometimes end up being more expensive than premium clients.<\/p>\r\n\r\n\r\n\r\n<p>Focusing on quality gives you better chances of getting repeat work. Repeat work means you\u2019ll have to spend less on marketing to gain new clients, thereby saving business costs indirectly.<\/p>\r\n\r\n\r\n\r\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Summary\"><\/span>Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>If you establish your business\u2019s industry and target market <em>precisely<\/em>, you can then carry out an informed triage on your most pressing costs.<\/p>\r\n\r\n\r\n\r\n<p>Spending can sometimes lead to saving. Spend in the direction of products and services that will:<\/p>\r\n\r\n\r\n\r\n<ul><li>Save you money directly or<\/li><li>Make you more efficient, thereby saving you money indirectly.<\/li><\/ul>\r\n\r\n\r\n\r\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-2 wp-block-columns-is-layout-flex\">\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/09\/Market-wisely-and-efficiently-to-cut-business-costs-1.png\" alt=\"Market wisely and efficiently to cut business costs\" class=\"wp-image-217761\"\/><\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\r\n<p>Market wisely and efficiently to cut business costs, and make sure that you as the CEO or manager know the jobs of your juniors so you can tell if any of their ideas are financially risky for the business.<\/p>\r\n\r\n\r\n\r\n<p>Finally, increase your quality to the best it has ever been and save costs indirectly as a result of obtaining more repeat business.<\/p>\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n<p>Did you notice that none of our cost-saving ideas for business required laying off staff? That should be an absolute last resort, because staff are people, and good people are worth far more than money.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Business crises come in many forms. Whether you\u2019re experiencing a direct business crisis such as a sudden departure of key staff, or a socioeconomic crisis like the one we went through during early 2020 when COVID ravaged the country, the steps taken to survive that crisis are the same. No matter what you do during <a href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  5 Steps to Cut Business Costs during a Crisis<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":219377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2208,2195,2198],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Steps to Cut Business Costs during a Crisis - Pearl Accountants<\/title>\n<meta name=\"description\" content=\"Is there an easy step-by-step plan to save on business costs during a crisis? Using our five-step plan, you can save costs in your business during a recession or crisis without harming your business&#039;s potential for earning more income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Steps to Cut Business Costs during a Crisis\" \/>\n<meta property=\"og:description\" content=\"Using our five-step plan, you can save costs in your business during a recession or crisis without harming your business&#039;s potential for earning more income.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/\" \/>\n<meta property=\"og:site_name\" content=\"Pearl Chartered Accountants &amp; Tax Advisers\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/PearlCharteredAccountants\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-22T07:57:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-20T08:43:31+00:00\" \/>\n<meta name=\"author\" content=\"Ashley Preen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"5 Steps to Cut Business Costs during a Crisis\" \/>\n<meta name=\"twitter:description\" content=\"Using our five-step plan, you can save costs in your business during a recession or crisis without harming your business&#039;s potential for earning more income.\" \/>\n<meta name=\"twitter:creator\" content=\"@PearlAccount\" \/>\n<meta name=\"twitter:site\" content=\"@PearlAccount\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Preen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/\"},\"author\":{\"name\":\"Ashley Preen\",\"@id\":\"https:\/\/www.pearlaccountants.com\/#\/schema\/person\/e2cc2e2b687648a58441b41d1e5a67a6\"},\"headline\":\"5 Steps to Cut Business Costs during a Crisis\",\"datePublished\":\"2020-09-22T07:57:37+00:00\",\"dateModified\":\"2023-02-20T08:43:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/\"},\"wordCount\":1023,\"publisher\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/09\/5-Steps-to-Cut-Business-Costs-during-a-Crisis.png\",\"articleSection\":[\"Accounting\",\"Financial Advice\",\"Small Business Advice\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/\",\"url\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/\",\"name\":\"5 Steps to Cut Business Costs during a Crisis - Pearl Accountants\",\"isPartOf\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.pearlaccountants.com\/blogs\/5-steps-cut-business-costs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.pearlaccountants.com\/wp-content\/uploads\/2020\/09\/5-Steps-to-Cut-Business-Costs-during-a-Crisis.png\",\"datePublished\":\"2020-09-22T07:57:37+00:00\",\"dateModified\":\"2023-02-20T08:43:31+00:00\",\"description\":\"Is there an easy step-by-step plan to save on business costs during a crisis? 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